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Rewarding Innovation Tag

04 May

April 2023 changes to R&D Scheme – How will this impact your business?

by Georgina Swain
in R&D Tax Relief
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In our recent webinar, we looked at the changes to the R&D Tax Relief scheme which came into force in April 2023 and discussed how businesses can prepare for these changes. We also highlighted the potential benefits and drawbacks of the new scheme and provided practical tips on how to maximise your R&D Tax Relief claim under the new rules. Here is a summary for those...

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19 Feb

Calls for Chancellor to enhance R&D Tax Relief

by Georgina Swain
in Covid-19, R&D Tax Relief, research, taxcredits
Comments

A proposal of enhancing the Research and Development (R&D) Tax Relief Scheme has been published in a report* by economic public affairs specialist, WPI Strategy, and backed by the leaders of eight major trade organisations. The modelling shows the suggested reforms, most notably, allowing the inclusion of capital expenditure in R&D tax claims, which would create £4billion of growth and 12,000 new jobs within 10 years....

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13 Jan

R&D key to the future of post-Brexit Britain

by Georgina Swain
in Brexit, R&D Tax Relief
Comments

UK Government business support and incentives have become more important than ever to transition the potential impacts of COVID-19 and Brexit in 2021 and beyond. The government’s commitment to become a ‘science superpower’ will require increased investment in Research and Development (R&D) with the government’s long-term industrial strategy aiming to raise R&D investment to 2.4% of GDP by 2027. Alongside our scientists, Britain’s booming tech industry has...

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02 Dec

Preventing abuse of the R&D tax relief for SMEs: Second consultation

by Georgina Swain
in Covid-19, R&D Tax Relief
Comments

Comments from Beavis Morgan: At Beavis Morgan, we believe in the integrity of the Research and Development (R&D) Tax Relief scheme and welcome changes to avoid abuse thereof, but we are also committed to helping our clients make the best use of R&D credits as a valuable and legitimate tax relief to support growing businesses across a wide range of sectors. Following a consultation process, HMRC has...

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15 Jul

R&D Tax Relief – What IT/software projects and activities qualify?

by Georgina Swain
in development, IT, R&D Tax Relief, research, taxcredits, taxrelief
Comments

There are many preconceptions businesses have that they “don't do research & development” and therefore won’t qualify for Research & Development (R&D) Tax Relief. In this blog, Simon McCarthy within Beavis Morgan’s specialist R&D Tax Advisory team, looks at the various types of IT/software projects and activities applicable for R&D tax relief, and why so many businesses are missing out on this valuable opportunity to...

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19 Jun

Money Back for Innovation in Fashion

by Site Administrator
in R&D Tax Relief
Comments

Research and Development Tax Relief Article featured in Fashion Rider's Fashion & Finance Report, October 2018 Tax relief may not be something that the average fashion industry business has considered, but it can be of huge benefit to any organisation that develops its own products and concepts. In this report, we examine why research and development (R&D) is encouraged under the tax system, what it can mean to...

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11 Jun

Tips for understanding Research & Development Tax Relief for your business

by Site Administrator
in R&D Tax Relief
Comments

The Research and Development (R&D) Tax Relief scheme are Government tax breaks designed to encourage innovation by incentivising companies to invest in R&D, enabling them to reduce their tax bill or claim payable credits on a proportion of their R&D expenditure. What can help you qualify for an R&D tax relief? While R&D tax relief is available to any company undertaking a project which seeks to achieve...

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